Table 2 Estimated equations evaluating the role of the economic structure in cross-province variation in monetary policy impacts

Manufacturing share (% of GDP)

0.022^c (0.006)

0.024^c (0.006)

0.025^c (0.005)

0.024^c (0.006)

0.022^c (0.005)

Mining share (% of GDP)

0.021^c (0.007)

0.024^c (0.007)

0.029^c (0.007)

0.028^c (0.007)

0.024^c (0.006)

Bank lending to GDP ratio

0.010^a (0.005)

0.011^b (0.005)

0.012^b (0.005)

0.010^a (0.005)

0.011^b (0.005)

Foreign export share (% of GDP)

− 0.011^b (0.004)

− 0.011^c (0.004)

− 0.012^c (0.003)

− 0.012^c (0.004)

− 0.009^b (0.004)

Manufacturing growth (%, yoy)

0.035^b (0.015)

0.028^a (0.014)

0.031^b (0.015)

0.036^b (0.014)

Inflation in neighbor provinces

− 0.422^b (0.189)

− 0.382^a (0.200)

SD of unemployment rate

0.102 (0.148)

Inflation

− 0.180^a (0.096)

Constant

− 0.350 (0.263)

− 0.618^b (0.268)

1.381 (0.930)

1.164 (0.991)

0.239 (0.526)

Observations

34

34

34

34

34

R-squared

0.352

0.462

0.546

0.554

0.523